Eli Lilly raised its full-year revenue forecast after third-quarter sales increased 39% to $24.4 billion, driven primarily by Mounjaro and Zepbound, while acquisition-related research charges weighed on its earnings outlook.
The company now expects 2026 revenue of $91 billion to $92 billion, compared with its previous forecast of $85 billion to $87 billion.
However, Lilly lowered its non-GAAP earnings forecast to $35 to $36 per share from $35.50 to $36.50. An underlying improvement of $4.07 per share at the midpoint was more than offset by $4.57 in acquired research and development charges.
Third-quarter net income rose 16% to $6.45 billion, or $7.22 per share. Non-GAAP earnings increased 7% to $7.48 per share.
Mounjaro sales climbed 65% to $10.7 billion, while worldwide Zepbound revenue increased 49% to $5.35 billion.
Overall sales volume grew 53%, partially offset by a 15% decline in realized prices. U.S. revenue rose 34% to $15.1 billion, and revenue outside the United States increased 47% to $9.3 billion.
Quarterly revenue included approximately $900 million in benefits, primarily Jardiance milestones and favorable adjustments to rebate and discount estimates. Jardiance contributed $410 million in milestones, with none remaining.
Research and development spending increased 23% to $4.2 billion. Separately, acquired research charges totaled $4.2 billion, primarily tied to AtaiBeckley and Curevo acquisitions.
Lilly also reported FDA approvals for Mounjaro’s cardiovascular risk indication, weekly insulin Onswik and expanded cancer treatments. It completed the AtaiBeckley acquisition during the quarter and acquired Merida Biosciences afterward.
Phase 3 trials of EloraTZP are scheduled to begin this quarter.
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